Book Review, Principles By Ray Dalio
This Episodes Topic Is The Book Principles By Ray Dalio. We'll be talking about the ideas in the book and giving our insights gained from the book.
Ray Dalios New Mini-Series On Principles
In his new animated series, Principles for Success, Ray Dalio takes you on a thought-provoking adventure to help you understand his principles--and how to create your own.
Ray is an American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of the investment firm Bridgewater Associates, one of the world's largest hedge funds. As of January 2018, he is one of the world's 100 wealthiest people, according to Bloomberg. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Over forty years later, Bridgewater has grown into the fifth most important private company in the United States, according to Fortune magazine, and Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success.
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In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve.
Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press.
This book is broken up into to sections
The first book tells the story of Dalio’s career and explains his overarching approach to life using principles that affect everything he does—most importantly, how he pursues meaningful work and meaningful relationships.
The second book explains the unusual way Dalio ran Bridgewater Associates for over 40 years, and how the firm’s unique approach to working together led to its unique results.
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